stan otis operates a store that sells computer software. otis has agreed to enter into a partnership with reginald pittman, effective january 1,2013. the new firm will be called contempary computing.

otis is to transfer all aseets and liabilities of his firm to the partnership at the values agreed on. pittman will invest cash that is equal to 80 percent of otis's investment after revaluation. the accounts shown on otis's books and the agreed- on value of assets and liabilities are shown below.
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User: stan otis operates a store that sells computer software. otis has agreed to enter into a partnership with reginald pittman, effective january 1,2013. the new firm will be called contempary computing. otis is to transfer all aseets and liabilities of his firm to the partnership at the values agreed on. pittman will invest cash that is equal to 80 percent of otis's investment after revaluation. the accounts shown on otis's books and the agreed- on value of assets and liabilities are shown below.
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Weegy: What is your question? The question isn't stated here, please clarify and ask again and we'll be happy to assist you!drsyed19|Points 430|

User: prepare the general journal entries to record the following transactions in the books of the partnership on January 1, 2013. a) receipt of otis's investment of assets and liabilities, b) receipt of pittman's investment of cash.